Hacker Admits Stealing $37M in Crypto

A hacker who infiltrated a company’s computer infrastructure and stole over $37 million in cryptocurrency from nearly 600 victims has pleaded guilty to charges of conspiracy to commit wire fraud and money laundering.

Evan Frederick Light of Indiana unlawfully accessed the computer infrastructure of an investment firm to steal customer information, according to the United States Department of Justice on October 1.

He then utilized the data to steal cryptocurrencies from clients who held digital assets with the company.

Light then directed the funds from the “cyber-intrusion” through crypto mixers and gambling websites to obfuscate his identity and the funds.

On September 30, Light entered a guilty plea and is currently facing a maximum sentence of 20 years in prison for each charge.

Initially, the now-convicted criminal pleaded not guilty to charges in South Dakota on June 15, 2023.

The DOJ stated in the complaint that Light was involved in the offenses between 2021 and May 2023 and that at least one other unidentified perpetrator was involved.

The Department of Justice conveyed a loud and clear message that it is resolute in its pursuit of every cybercriminal.

The DOJ stated that the defendant was not beyond the reach of our team despite his attempts to conceal himself in the shadows of a cyber underworld.

“Today’s guilty verdicts should serve as a reminder that this Office and its law enforcement partners will bring cyber criminals to justice, regardless how sophisticated their crimes may be.”

In 2023, the US Federal Bureau of Investigation Internet Crime Complaint Center reported that US citizens lost $5.6 billion due to cryptocurrency fraud, a 45% increase from 2022.

In 2023, the FBI received approximately 69,000 complaints regarding crypto-related matters, with individuals over 60 being among the most affected. Investment schemes accounted for over 70% of the crypto fraud, while call-center fraud and government impersonation hoaxes accounted for 10%.